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Spotify forecasts fourth-quarter profit above estimates on AI bets
Spotify forecast fourth-quarter profit above Wall Street estimates on Thursday, as the Swedish music streaming company bets on its AI-powered features to drive user growth in the crucial holiday season. Shares of the company rose nearly 4% in premarket trading. Investors have closely watched the company’s profitability as it spends on AI to improve discovery and engagement to attract more users and fend off emerging music-generation rivals such as Suno and Udio. Spotify expects operating income of €820 million ($920.53 million), compared with analysts’ average estimate of €813.4 million, accor...
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